Monday, October 19, 2015

Chinese Economic Growth Slows to 6.9% Previous Quarter

China's economic growth slowed to 6.9 percent in the third quarter, authorities in the world's second-largest economy said Monday, as global markets worry about its prospects.

The figure released by the National Bureau of Statistics (NBS) was the worst for more than six years, although it was marginally above the median forecast in a poll of analysts by AFP.

As the world's biggest trader in goods and a giant market in itself, China is a key driver of the global economy, and stock exchanges around the world have been pummelled in recent weeks by concerns over its future.

Monday's figure is the first official confirmation of investors' fears over GDP since a Chinese stock market slump over the summer followed by a surprise currency devaluation in August.